TCV vs. RWJ

Last updated Jul 30, 2026

TCV (Towle Value ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both Small Cap Value Equities funds. TCV is actively managed, while RWJ is passively managed. Over the past year, TCV returned 33.14% vs 37.92% for RWJ. Their correlation of 0.81 means they have usually moved in the same direction. TCV charges 0.85%/yr vs 0.39%/yr for RWJ.

Performance

TCV vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Towle Value ETF (TCV) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TCV having a 27.04% return and RWJ slightly lower at 27.02%.

TCV

• 1D: -1.38%
• 1M: 1.82%
• 6M: 15.50%
• YTD: 27.04%
• 1Y: 33.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.74%

RWJ

• 1D: -0.75%
• 1M: 3.18%
• 6M: 19.56%
• YTD: 27.02%
• 1Y: 37.92%
• 3Y*: 16.86%
• 5Y*: 11.07%
• 10Y*: 13.42%
• ALL TIME*: 12.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RWJ Invesco S&P SmallCap 600 Revenue ETF	$5.25M	$5.31M	$4.99M
TCV Towle Value ETF	$910.76K	$643.64K	$380.38K

TCV vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025
TCV Towle Value ETF	27.04%	2.99%
RWJ Invesco S&P SmallCap 600 Revenue ETF	27.02%	10.02%

Correlation

The correlation between TCV and RWJ is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.81

The correlation between TCV and RWJ has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

Return for Risk

TCV vs. RWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCV

TCV Risk / Return Rank: 74
TCV Sharpe Ratio Rank: 74
TCV Sortino Ratio Rank: 73
TCV Omega Ratio Rank: 68
TCV Calmar Ratio Rank: 79
TCV Martin Ratio Rank: 74

RWJ

RWJ Risk / Return Rank: 85
RWJ Sharpe Ratio Rank: 86
RWJ Sortino Ratio Rank: 87
RWJ Omega Ratio Rank: 83
RWJ Calmar Ratio Rank: 86
RWJ Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCV vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Towle Value ETF (TCV) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TCV	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.03	-0.42
Sortino ratio: Return per unit of downside risk	2.29	2.95	-0.66
Omega ratio: Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	3.37	-0.63
Martin ratio: Return relative to average drawdown	8.79	11.29	-2.50

TCV vs. RWJ - Sharpe Ratio Comparison

The current TCV Sharpe Ratio is 1.61, which is comparable to the RWJ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TCV and RWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TCV vs. RWJ - Drawdown Comparison

The maximum TCV drawdown since its inception was -12.23%, smaller than the maximum RWJ drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for TCV and RWJ.

Drawdown Indicators

	TCV	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-55.97%	+43.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-11.31%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.33%	—
Current Drawdown Current decline from peak	-2.57%	-0.75%	-1.82%
Average Drawdown Average peak-to-trough decline	-3.23%	-9.17%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.40%	+0.50%

Volatility

TCV vs. RWJ - Volatility Comparison

Towle Value ETF (TCV) has a higher volatility of 4.69% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 3.98%. This indicates that TCV's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCV	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	3.98%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	12.16%	+1.50%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	18.76%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	23.49%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	26.07%	-5.00%

TCV vs. RWJ - Expense Ratio Comparison

TCV has a 0.85% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

TCV vs. RWJ - Dividend Comparison

TCV's dividend yield for the trailing twelve months is around 0.57%, less than RWJ's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWJ Invesco S&P SmallCap 600 Revenue ETF	0.99%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%
TCV Towle Value ETF	0.57%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCV and RWJ in my portfolio?

TCV and RWJ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCV or RWJ?

TCV has higher volatility (4.69%) compared to RWJ (3.98%). In terms of maximum drawdown, TCV dropped -12.23% vs RWJ's -55.97%.

Which ETF is better, TCV or RWJ?

On 1-year performance, RWJ leads with 37.92% vs 33.14% for TCV. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCV or RWJ?

Over the 1-year period, RWJ has performed better with a 37.92% return vs 33.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCV or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 0.85% for TCV.

Which ETF pays a higher dividend yield, TCV or RWJ?

RWJ has the higher dividend yield at 0.99%, compared with 0.57% for TCV.

What is the main difference between TCV and RWJ?

They also come from different issuers: Towle and Invesco. Their fees differ too: 0.85% for TCV and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.03 vs 1.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.